Harvest Community Bank

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Special Services : Harvest Overdraft Privilege

Purpose:
Having a check returned due to insufficient funds can be a costly and embarrassing experience. That is why Harvest Community Bank provides "Harvest Overdraft Privilege", a special overdraft privilege for our checking account customers.

Harvest Overdraft Privilege gives our customers an added level of protection against unanticipated cash flow emergencies and account reconciliation errors.

Harvest Community Bank does not encourage overdrafts. As always, we encourage our customers to manage their finances responsibly. This service saves our customers from embarrassment, additional merchant fees or other problems that might occur if a check is returned.

Harvest Community Bank offers an alternative option to Harvest Overdraft Privilege. This option is the ability to transfer money automatically from another Harvest account, savings or checking, to cover an overdraft in the the primary checking account. The overdraft protection service cost is $10.00 per transfer completed to cover the overdraft in the checking account. The transfer amounts are completed in increments of $50.

What is Harvest Overdraft Privilege?
Harvest Overdraft Privilege is a "safety net" privilege that allows customers to enter into an overdraft position without having insufficient checks returned. When an overdraft is covered by the Harvest Overdraft Privilege limit assigned to that respective checking account, Harvest Community Bank automatically subtracts the amount of the check and the overdraft fee of $35 for each item paid. As a non-contractual service, the bank may withdraw the privilege based on poor performance of the account -- basically failure to cover the overdrafts.

If your account is overdrawn by $10.00 or less, there will be no overdraft fee assessed for the item that caused the overdraft.

What it is not.
Harvest Overdraft Privilege is not a loan or line of credit! It is important to understand that Harvest Overdraft Privilege is provided as a customer service and is a privilege extended by the bank.

Transaction payments sequences:

Harvest Community Bank's posting order on your checking account includes paying the smallest to the largest in dollar amount of checks. ATM and POS transactions are posted first to your checking account and then checks and ACH transactions are posted next.

Transactions covered under the program:

  • Checks and other debits drawn on customer accounts at teller window
  • Checks issued to third parties
  • ACH Transactions
  • ATM Transactions if you have opted into the payment of them 
  • Point-of-Sale Transactions if you have opted into the payment of them 
  • Pre-Authorized Internal Debits/Check Card Debits (recurring payments)

How does Harvest Overdraft Privilege work?
As long as a customer maintains their account in good standing (defined as making regular deposits and bringing their account to a positive balance at least once every 7 days), Harvest Community Bank may honor overdrafts up to the Harvest Overdraft Privilege limit for that respective account.

What does Harvest Overdraft Privilege cost?
There is no additional cost associated with this privilege -- unless it is utilized. When utilized, the customer will be charged our standard overdraft fee of $35 for each item paid under the established limit. The maximum number of overdraft fees that may be assessed per day is five (5).

What is the Harvest Overdraft Privilege Limit?
If a customer has multiple accounts, they will have a limit on all eligible accounts.

The corresponding checking account types have a Harvest Overdraft Privilege limit of $800:

  • Hassle Free Checking
  • Harvest Free Checking
  • Harvest Interest Checking
  • Harvest 50

The corresponding checking account type has a Harvest Overdraft Privilege limit of $1,200:

  • Harvest Small Business Checking

What do I do if I do not want Harvest Overdraft Privilege?
Harvest Overdraft privilege may be removed at any time. Customers simply come into one of our offices and sign the Harvest Overdraft Privilege Opt Out Waiver.

What if I change my mind and want to re-enter the Harvest Overdraft Privilege program?
A Harvest Overdraft Privilege limit may be re-assigned as long as the account has remained in good standing. The customer must appear in person and complete a Revocation of Waiver of Harvest Overdraft Privilege.

How will the customer know when they use their overdraft limit? What if they go beyond their Harvest Overdraft Privilege Limit?
Whenever Harvest Community Bank pays an item that accesses a customer's Harvest Overdraft Privilege, an overdraft notice will be mailed to the customer. Overdrafts above and beyond a customer's established Harvest Overdraft Privilege limit may result in a check or checks being returned to the payee. The normal overdraft fee of $35 will be charged per item and assessed to their account. In order not to exceed a customer's established Harvest Overdraft Privilege limit, each customer needs to note that the amount of the overdraft, plus our standard overdraft fee of $35 for each item, will be deducted from their overdraft limit.

How quickly must a customer repay their Harvest Overdraft Privilege?
Customers should make every attempt to bring their account to positive balances within 7 days. If they do not, Harvest Overdraft Privilege limit will be suspended.

If there has been no deposit activity in the checking account within 31 days, the Harvest Overdraft Privilege limit will be suspended.

What happens if I cannot cover my overdrafts?
If, after 30 days, the customer's account has not been brought to a positive balance, the account will be charged off and closed. Once an account is charged off, customers will be reported to ChexSystems and will not be allowed to open another account with us - unless the original amount owed is satisfied and it is decided the customer is in good standing with our bank.

How soon can a customer use his/her Harvest Overdraft Privilege?
If the customer is a new active account holder, he or she may be able to use the overdraft privilege limit assigned to his/her account type after 30 days after the account is opened providing the account has remained in good standing for that entire time.

What are some of the ways a customer can access their Harvest Overdraft Privilege limit? Will their limit be reflected in the balances they receive?
The following are different ways a customer can access their Harvest Overdraft Privilege limit and whether or not the limit is reflected in the balance provided.

Access Point Overdraft Privilege Limit Available? Does the balance provided reflect the Overdraft Privilege Limit?
Teller Yes No
Writing a Check Yes Not Applicable
Point of Sale Yes if you opted in

No

ATM Yes if you opted in No
ACH-Auto Debit Yes Not Applicable
Bank by Phone Yes (for internal transfers only)

No

Online Banking Yes No

What if a customer goes beyond his/her Harvest Overdraft Privilege Limit?
In order not to exceed a customer's established limit, each customer needs to note that the amount of the specific overdraft, plus our standard overdraft fee of $35 for each item, will be deducted from their overdraft limit.

Circumstances under which we will not pay an overdraft:
We will not pay an overdraft under the following circumstances:

  • Your account is not in good standing
  • You have not made a deposit within 7 days of a prior overdraft
  • ATM and Point of Sale transactions if you have not opted in to their payment and fee
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